The planet has been subjected to severe water scarcity in the past years. Uneven water distribution, exploitation of water resources, and inefficient irrigation techniques have caused devastation of water security, worldwide. Globally, per person internal renewable freshwater resources are meager, pressurizing the need for sustainable measures. Such a grave situation has led to awareness among people, and increasing demand for chemical-free water. Additionally, consumer awareness regarding ill-effects of drinking impure water has heightened, and there has been subsequent inclination toward high-quality, chemical-free water.
On the back of these factors, global sales in the water filter market are anticipated to reach close to US$ 25 Bn in 2030. According to PMR’s report, the water filter market is estimated to register a healthy CAGR of over 8% during the forecast period of 2020-2030.
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Key Takeaways from Global Water Filter Market Study
- The global water filter market represents a majorly consolidated competition landscape, where a majority of key players maintain their strategic focus on pricing, products, digital advertising, and remodelling the supply chain network.
- PMR identifies Asia Pacific as the largest market for water filters in 2019, followed by Europe. With increasing per capita spending on FMCG and electronic appliances, globally, customers are more likely to spend on quality instead of quantity.
- Based on product, RO filters hold a significant value share in the global water filter market.
- By end use, the residential water filter category is growing at a considerable rate as compared to commercial water filters.
- The COVID-19 pandemic has hit the retail sector hard, including the water filter market. However, some of this impact has been cushioned due to increasing sales through e-Commerce platforms.
“Direct sales play a prime role in the water filter industry. While online retailing has, in the past, elbowed for space in the retailing zone, it is now conveniently pushing traditional or brick-and-mortar retail toward the sidelines. Online retail is already transforming the industry value and supply chain,”
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Lack of Regulations Challenge the Market
Uncertainty of regulatory measures associated with water filters challenges the positive trajectory of the water filters market. Water filters are not regulated by any health commission or department, thereby leading to variable effectiveness of water filters from various manufacturers available in the industry. Testing is not mandatory, and there are no standards regarding the installation and use of water filters, creating uncertainty among consumers.
Competition in Water Filter Market
PMR’s report underlines groundbreaking insights into the competitive scenario of the water filter market, along with highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain of the global water filter market include 3M, A.O. Smith Corporation, GE, Kent Supreme, Eureka Forbes, Aquasana, Brita, Crystal Clear, Culligan, Watts Premier, Everpure, HUL, Propure Technologies, Home Master, Express Water, and Panasonic, among others.
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